Digest: Landmark target; Clearwire loss
Landmark Communications is seeking up to $5 billion for the Weather Channel cable television network, with preliminary bids due next week, sources said Tuesday. Interested parties include NBC Universal, Time Warner, CBS Corp. and Comcast. Privately held Landmark said in January that it was exploring strategic options for its publishing and TV businesses, hiring JPMorgan and Lehman Bros. to look at its alternatives. The Weather Channel is seen as the most prized asset.
Wireless broadband provider Clearwire posted a wider quarterly operating loss Tuesday as marketing expenses rose amid moves to expand its service and add subscribers. While many of its numbers tallied with analyst estimates, Clearwire shares fell sharply as investors were disappointed it did not reveal a network-sharing deal with Sprint Nextel or new funding. Clearwire posted a fourth-quarter adjusted loss before interest, taxes, depreciation and amortization of $83.1 million, compared with a loss of $62 million a year ago. Revenue rose 48% to $45.4 million.